The valuation provided by Council for determining the POS contribution is specifically tailored for planning purposes and is separate from the regular Council rates valuation. The Council valuation is conducted in accordance with the requirements of the Subdivision Act 1988.
Council-determined rates are based on a percentage of land value, while independent valuations use a more comprehensive approach, considering market data, comparable sales, and property characteristics.
Independent valuations offer more flexibility in assessing the value of a property, especially when factors like location, condition, or unique features are significant. Independent valuations generally cost more than council-determined rates but can be necessary to ensure fair and accurate assessments.